Upzoning Can Impact Appraisals, Places Emphasis on Highest and Best Use Analysis: Valuation Magazine
July 30, 2020 01:32 PM
CHICAGO (July 30, 2020) – Many cities see upzoning as an effective way to expand affordable housing, but zoning changes can impact appraisals, so appraisers need to analyze the highest and best use of the property and land, according to an article in Valuation magazine’s second quarter 2020 issue.
Valuation magazine is a quarterly publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers.
The newest issue’s cover story, “In the Zone
,” discusses neighborhood rezoning, and the article dives into how appraisers need to be aware of what’s happening in their area, how the issues are evolving and what might be coming down the line.
Also in this issue:
” helps appraisers understand an opinion of market rent. This article assists appraisers in understanding what real property interest is, who identifies and who determines the interest to be valued and why clear communication with clients is so important.
” discusses how the value of a property could materially change just a few weeks or months after the date of value due to the discovery of new comparable sales, market fluctuations or
other unforeseen events.
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The Appraisal Institute is a global professional association of real estate appraisers, with over 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.